Standardizes Best Practices for Enterprise-wide Adoption of the Factor Analysis of Information Risk (FAIR) Model through the Combination of a Software-as-a-Service Technology Platform, Professional Services and Outcome-based Solutions
RiskLens, the leading provider of cyber risk quantification (CRQ) and cyber risk management solutions, unveiled the RiskLens FAIR Enterprise Model in order to provide an industry standard for the development of quantitative risk management programs based on the internationally adopted Factor Analysis of Information Risk (FAIR) model. RiskLens built this proprietary model from years of experience as the pioneer in cyber risk quantification software; RiskLens was built by the author of FAIR, it is the sole technical advisor to The FAIR Institute; and has gained the deepest industry experience through Professional Services engagements building programs for Global 2,000 and government organizations.
RF-EM provides a foundational blueprint for converting the theoretical value of the FAIR model into an enterprise-ready, cyber security decision support capability. Harnessing the power of the RiskLens Software as a Service (SaaS) platform and its Professional Services capabilities for building quantitative risk management programs, RF-EM enables the delivery of outcome-based solutions aligned to organizational cyber risk maturity.
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“FAIR revolutionized risk management with its standard risk taxonomy and analytics model, but FAIR alone is not enough to build an enterprise program,” said Nick Sanna, Chief Executive Officer at RiskLens. “Harnessing the value of FAIR within an enterprise requires both a powerful software platform that enables scalable data management, applied risk modeling, and streamlined workflows, as well as Professional Services support, in building quantitative risk management programs. What we are doing with RF-EM™ is providing the industry with a clear picture on how to evolve.”
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The release of RF-EM comes at a time where the cybersecurity industry is rapidly adopting the FAIR standard. The FAIR Institute now counts more than 7,500 security and risk professionals as members, doubling in 2019. The Global 2,000 and Fortune 1,000 have embraced FAIR with 9 out of the Fortune 10, 75% of the Fortune 50, 30% of the Fortune 1,000 and 25% of the Global 2,000 represented in the member base. RSA Conference 2020, arguably the largest cybersecurity conference in the world, has recognized FAIR as one of the industry’s key trends and multiple sessions around FAIR are part of the official agenda.
Further demonstrating the value found in the RiskLens approach, Kelly Uhrich, Senior Vice President and Deputy Chief Information Security Officer at KeyBank had this to say, “RiskLens has been much more than just a software platform for us, they’ve been a partner in our journey to better cyber risk management. The marriage of their technology, which is the best way to enterprise-enable the FAIR model, with a world-class Professional Services team, has been invaluable. This approach has helped us make the organizational shift to cyber risk quantification a streamlined process, with success-based milestones along the way that have demonstrated continued value to the business.”
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